07-21-2014 09:00 AM
Content provided courtesy of USAA.
Buying a home is a big step, and there is so much to cover. Here are some simple things that could slip through the cracks if you’re not careful.
9. Always have your locks rekeyed immediately.
10. Stay updated on schools. “You need to call the school district and find out if there will be any boundary changes regarding schools, especially in new neighborhoods,” says Dana Winans, director of relocation services for Better Homes and Gardens Real Estate.
11. Understand your homeowners insurance coverage. “A lot of times when people buy a house, they don’t understand all of the liability limits,” says Scott Halliwell, a Certified Financial Planner™ with USAA. “I always encourage homeowners to really look at their policies again and see if there are any changes they’d make. I’ve talked to a lot of people who have a 1 percent deductible but didn’t really think about what that means. One percent of a $400,000 home is a lot of money for most people.”
JJ Montanaro, a Certified Financial Planner™ with USAA, adds: “Understand what type of coverage your homeowners insurance has and its limitations. If you have expensive jewelry or electronics, you may have some coverage, but it may be subject to deductibles and limits.” He suggests looking into valuable personal property or umbrella policies to help make sure your assets are protected.
Quiz your home inspector about maintaining your new investment.
12. What do I need to prepare and protect the home against freezing weather?
13. How do I properly maintain drainage and moisture around the home to prevent foundation issues?
14. How often do I need to have the HVAC system serviced to keep it in proper working order?
15. Which items would you repair or replace if you were buying the home?